NEW YORK (TheStreet) -- Fiat Chrysler (FCAU) shares are down 1.44% to $15.71 in afternoon trading on Tuesday after a bid by the automaker's CEO to initiate merger talks with GM (GM) was rebuffed, according to the New York Times.

Fiat Chrysler CEO Sergio Marchionne sent an email to GM executives in March saying in part that the industry needed to consolidate to save money and that a merger between the two automotive companies would cut billions of dollars in costs.

The Times reported that Marchionne's request for a meeting was flatly rejected as a potential merger failed to pique the interest of GM CEO Mary Barra or any of GM's other executives.